Global grain and oilseed markets

Soybean and wheat futures on the Chicago Board of Trade fell sharply on Thursday, retreating from multi-month highs, as signs of only limited purchases by China from the U.S. tempered optimism about new demand following a bilateral trade truce. Demand for corn decreased as the final stage of the U.S. harvest and favorable sowing conditions in South America kept pressure on supply. Futures rose on Wednesday on news that China had suspended retaliatory tariffs on imports from the U.S., including tariffs on agricultural products, although U.S. soybean shipments still face a 13 percent tariff. However, on Thursday, the market was still awaiting confirmation of soybean purchases, while a Reuters report that China had booked two cargoes of U.S. wheat suggested a smaller volume than the several hundred thousand tons expected. "It's a matter of emotional highs and lows regarding China," said Arlan Suderman, chief commodities economist at StoneX. The most active soybean contract on the ...